Moneris Solutions® has announced the launch of PAYD™, offering Canadian small business owners-who have not historically accepted credit card payments-the ability to do so using their smartphone or tablet devices.

Moneris’ decision to develop PAYD is in direct response to the needs of a large portion of Canadian small businesses currently not accepting credit card payments. According to Moneris, there are potentially over 1 million registered and unregistered businesses that do not process any form of card payments. PAYD provides this underserved segment an easy method to capture sales, in a secure and cost-effective way.

The PAYD card reader plugs into the audio port of most smartphones, including Apple iOS®, Google Android™ and Research In Motion BlackBerry® devices, allowing credit cards to be swiped on the spot for ease-of-use. PAYD merchants can take advantage of simplified and upfront pricing. The service is backed by the security of Moneris’ existing web-based payment processing platform, allowing merchants to access their accounts, transactions and history in a secure manner.

“Traditionally, many smaller entrepreneurs including artists, photographers, residential cleaners and artisans have missed out on sales because they could not accept credit cards,” said Jim Baumgartner, President and CEO, Moneris. “PAYD offers this segment – that may have the perception that their business is too small or that costs associated with accepting cards are too high – the ability to expand the reach of their business.”

“Moneris is committed to developing new and innovative solutions to help merchants of all sizes,” said Baumgartner. “We are one of the only credit and debit card processors in Canada to own, operate and deploy virtual solutions and products that offer merchants the security and reliability they expect when accepting payments.”